The central issue of this paper is analysis and resulting proposals to help unsophisticated pension participants achieve pension portfolios that match their level of risk aversion when there is a large amount of unexplained heterogeneity in risk aversion. Target date funds are commonly used as...

Many middle-income workers save for retirement through 401(k) plans. This study addresses the concern that low account balances of older workers may indicate that these vehicles are not sufficient to insure adequate retirement savings. In particular, the study shows that workers are not...

Many middle-income workers save for retirement through 401(k) plans. This study addresses the concern that low account balances of older workers may indicate that these vehicles are not sufficient to insure adequate retirement savings. In particular, the study shows that workers are not...

Many middle-income workers save for retirement through 401(k) plans. This study addresses the concern that low account balances of older workers may indicate that these vehicles are not sufficient to insure adequate retirement savings. In particular, the study shows that workers are not...

We investigate the validity of the argument by the financial services industry to “roll over your ‘old' 401(k) plan” because 401(k)-type plans have a limited number of investment options, while IRAs have a virtually unlimited number of options. We empirically analyze the diversification of...

Tax-preferenced retirement plans are designed to be vehicles for saving for retirement, not massive tax shelters for wealthy individuals. Because tax preferences for retirement savings cause a loss in federal tax revenue, and are one of the largest sources of tax expenditures, it has long been a...

The financial market crisis has prompted policymakers to devote substantial attention to ways in which capital market risks shape pension performance, but few analysts have asked how shocks to human capital shape retirement wellbeing. Yet human capital risks due to fluctuations in labor...

This study examines workers’ expectations about their future Social Security benefits. The authors compile and analyze results of more than 60 individual surveys covering 1971 through 2020, with more than 130,000 respondents in total. The authors compare results over time and by demographic...